Thought I'd add to the chorus of indebted college graduates looking for advice here.
I graduated from college in 2006. I have about $32K in Private Loans and $14K in Federal loans, consolidated with SalliMae.
The payments for my private loans have been $170 a month, which have been paid for the last few years out of an inheritance. The payment for my federal loans have been $60 a month-- pretty easy.
Next month my payments on the Federal Loans jump up to $150-- not so easy. I live as frugally as is possible in NYC and am struggling. I am thinking of changing repayment plans (currently I'm in Grad Choice 2, for what it's worth). Does this seem like a stupid idea? I want some feedback from folks who have changed repayment plans with Sallie Mae. I understand that I would be extending the overall "life" of my loan, but my income simply cannot make room for these higher payments. Also, in the next year my inheritance will run out, so I will have to renegotiate the payment plan for my private consolidated loans as well (currently in Immediate Repayment plan).
Because of the private loans I have, I realize that I'm effectively screwed, since I can never sell the loans to another company.
How are other folks are managing a mix of private and federal loans, specifically with SallieMae?